Indians buy 864 tons of Gold worth Rs 2.47 lakh crore in 2012

According to a top WGC official, Indians purchased 864 tons of gold last year as gold sales registered a six per cent growth during the period despite spurt in the precious metal's prices in recent years.

NEW DELHI(BullionStreet): A whopping Rs 2.47 lakh crore worth gold were sold in India, world's largest consumer, last year.

According to a top WGC official, Indians purchased 864 tons of gold last year as gold sales registered a six per cent growth during the period despite spurt in the precious metal's prices in recent years.

Among this 552 tonnes represented gold jewellery, Vipin Sharma, Director (Jewellery) WGC said, adding, gold jewellery continued to attract Indian consumers due to its unique features such as for investment purpose and as gift items.

Gold sale maintained a steady average growth of 10 per cent in the country, with a total of 700 tonnes since 2003, when the price stood at Rs 5,400, he added.

Fifty per cent of all jewellery sales was made for wedding purposes and South India accounted for 40 per cent of the total jewellery market, he said.